To Answer the Question of How Goods and Services Are

question 244

Multiple Choice

To answer the question of how goods and services are to be produced, society must decide

• A) what products businesses want to produce.
• B) how to combine its scarce resources to produce the desired products.
• C) what products the government wants.
• D) what products to export.

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Definitions:

Reasonable Effort

The degree of diligence and attention expected under certain circumstances, typically what a reasonable person would do.

Nonconforming Goods

Merchandise that does not meet the specifications or requirements as outlined in a contract.

Not a Merchant

Refers to an individual or entity that does not engage in buying, selling, or trading of goods or services in a particular market, and thus may not be held to certain legal standards applicable to merchants.

Return the Goods

The process of a buyer sending previously purchased products back to the seller, usually under conditions specified in the return policy.